Civic Intelligence

Community Financial Credit Union

EIN 38-1447620 • 501(c)14 • Plymouth, MI

Profile

Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 69 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods.

500 S Harvey StPlymouth, MI 48170-8050

www.cfcu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

45th percentile

0.91x

Higher debt load relative to assets than 45% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

19th percentile

13.40x

Higher debt load relative to revenue than 19% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

8th percentile

0.5%

Higher net margin than 8% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

26th percentile

$589,681

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

$1B+ nonprofits • Source year 2019

Asset Growth

24th percentile

-1.0%

Faster asset growth than 24% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

11th percentile

6.7%

Faster revenue growth than 11% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Down

$1,579,342,761

Down $15,602,515 (-1.0%) from 2023

Liabilities

Down

$1,429,747,897

Down $16,130,159 (-1.1%) from 2023

Net Assets

Up

$149,594,864

Up $527,644 (+0.4%) from 2023

Revenue

Up

$106,672,065

Up $6,688,277 (+6.7%) from 2023

Expenses

Up

$106,128,097

Up $10,114,488 (+11%) from 2023

Net Income

Down

$543,968

Down $3,426,211 (-86%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0B$1.5B$1.0B$500M$0Assets 2013: $543,090,240Liabilities 2013: $470,782,307Net Assets 2013: $72,307,9332013Assets 2014: $604,957,148Liabilities 2014: $525,316,252Net Assets 2014: $79,640,8962014Assets 2015: $701,971,073Liabilities 2015: $614,222,945Net Assets 2015: $87,748,1282015Assets 2016: $766,064,130Liabilities 2016: $670,714,020Net Assets 2016: $95,350,1102016Assets 2017: $856,824,004Liabilities 2017: $752,589,695Net Assets 2017: $104,234,3092017Assets 2018: $932,017,676Liabilities 2018: $819,147,216Net Assets 2018: $112,870,4602018Assets 2019: $1,013,235,547Liabilities 2019: $892,625,136Net Assets 2019: $120,610,4112019Assets 2020: $1,160,339,636Liabilities 2020: $1,030,315,939Net Assets 2020: $130,023,6972020Assets 2021: $1,253,139,306Liabilities 2021: $1,110,856,254Net Assets 2021: $142,283,0522021Assets 2022: $1,531,731,546Liabilities 2022: $1,382,194,058Net Assets 2022: $149,537,4882022Assets 2023: $1,594,945,276Liabilities 2023: $1,445,878,056Net Assets 2023: $149,067,2202023Assets 2024: $1,579,342,761Liabilities 2024: $1,429,747,897Net Assets 2024: $149,594,8642024

Highlighted filing

2024

Assets$1,579,342,761
Liabilities$1,429,747,897
Net Assets$149,594,864

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0Revenue 2013: $32,672,547Expenses 2013: $23,034,326Net Income 2013: $9,638,2212013Revenue 2014: $31,319,467Expenses 2014: $23,978,882Net Income 2014: $7,340,5852014Revenue 2015: $35,367,180Expenses 2015: $27,253,306Net Income 2015: $8,113,8742015Revenue 2016: $39,182,523Expenses 2016: $31,558,306Net Income 2016: $7,624,2172016Revenue 2017: $43,314,527Expenses 2017: $34,394,742Net Income 2017: $8,919,7852017Revenue 2018: $48,432,169Expenses 2018: $39,781,919Net Income 2018: $8,650,2502018Revenue 2019: $56,742,135Expenses 2019: $49,078,834Net Income 2019: $7,663,3012019Revenue 2020: $59,570,795Expenses 2020: $50,153,741Net Income 2020: $9,417,0542020Revenue 2021: $61,092,324Expenses 2021: $48,698,466Net Income 2021: $12,393,8582021Revenue 2022: $68,299,039Expenses 2022: $58,544,558Net Income 2022: $9,754,4812022Revenue 2023: $99,983,788Expenses 2023: $96,013,609Net Income 2023: $3,970,1792023Revenue 2024: $106,672,065Expenses 2024: $106,128,097Net Income 2024: $543,9682024

Highlighted filing

2024

Revenue$106,672,065
Expenses$106,128,097
Net Income$543,968

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$131,929,805
Mission and Program Overview

Mission

Community financial credit unon is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At community finanacial, we are committed to our members and our communities. For over 60 years, we've provided our michigan members competitively-priced savings and loans products, outstanding service and support to their neighborhoods.

State chartered, not-for-profit, full-service financial institution owned and governed by its membership. At community financial, we are committed to our members and our communities. For over 70 years. We've provided our michigan members competitively priced savings and loan products, outstanding service and support to their neighbors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,471,641,195$1,374,461,115▼ $97,180,080
Rtn Earn Endowment Incm Other Fnds$149,067,220$149,594,864▲ $527,644
Savings and Temporary Cash Investments-$78,048,787-
Land, Buildings, and Equipment, Net$25,669,627$36,959,558▲ $11,289,931
Investments Other Securities$66,812,222$19,869,919▼ $46,942,303
Investments Program Related-$15,373,495-
Cash and Non-Interest-Bearing Accounts$6,709,724$9,649,478▲ $2,939,754
Prepaid Expenses and Deferred Charges-$3,699,009-
Receivables From Officers Etc$3,268,571--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,594,945,276$1,579,342,761▼ $15,602,515
Other Assets Total$20,843,937$41,281,400▲ $20,437,463
Liabilities
Other Liabilities$1,423,615,012$1,420,945,626▼ $2,669,386
Escrow Account Liability$4,596,931$4,713,564▲ $116,633
Accounts Payable and Accrued Expenses$17,666,113$4,088,707▼ $13,577,406
Total Liabilities$1,445,878,056$1,429,747,897▼ $16,130,159
Net Assets / Fund Balance
Total Net Assets Fund Balance$149,067,220$149,594,864▲ $527,644
Total Liabilities and Net Assets / Fund Balance$1,594,945,276$1,579,342,761▼ $15,602,515

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,296,062$10,602,261$21,898,323
Land$14,391,929-$14,391,929
Equipment$2,569,485$10,993,182$13,562,667
Other Land Buildings$8,702,082-$8,702,082
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Tansley StearnsPresident/CEOFT$582,375$39,510$621,885
Jill JohnsonChief Revenue and Lending (thru 05.31.24)FT$473,109$49,651$522,760
Jill JohnsonChief Revenue and Lending (thru 05.3-$170,283$352,477$522,760
Art BeardChief It OfficerFT$339,388$78,788$418,176
Cathy MeyersChief People OfficerFT$309,637$104,834$414,471
Chris CurrySVP Operations and RiskFT$291,787$81,512$373,299
Scott CameronChief Financial OfficerFT$323,558$49,180$372,738
Danielle FrawleyChief Growth OfficerFT$315,020$43,068$358,088
Danielle MilnerChief Experience OfficerFT$279,499$53,132$332,631
Elry ArmazaChief of StaffFT$281,203$20,150$301,353
Tom VargoAvp Core OperationsFT$193,190$35,087$228,277
Mike ErfourthVP Business ExperienceFT$195,023$22,158$217,181
James PotterInvestment RepresentativeFT$199,296$15,708$215,004
Lisa MullenSenior General CounselFT$178,019$30,748$208,767

Board Members and Trustees

NameTitle
Teri KuehnBoard Chair
Dan HerrimanVice-chair
Heidi MusserVice-chair
Angela PeatDirector
Dennis LavoyDirector
Johnnie TurnageDirector
Ned StaeblerDirector
Paul BedichDirector
Yasir KhogaliTreasurer & Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Level5 LLCConstruction Services2018 POWER FERRY RD SE, Atlanta, GA 30339$7,159,632
PscuCard ProcessorPO BOX 749439, Atlanta, GA 30374-9439$4,023,274
MastercardCard Processor2200 MASTERCARD BLVD, Ofallon, MO 63368-7263$1,481,165
Co-op FinancialCard Processor560 CARILLON PARKWAY, St Petersburg, FL 33716$1,381,018
Lumin DigitalDigital Banking3001 BISHOP DR STE 110, San Ramon, CA 94583$1,017,772
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$102,292,638
Investment Income
$4,379,427
Other Revenue
$0
Change in Net Assets
$543,968
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,199,522
Salaries, Compensation, and Employee Benefits$34,244,665
Grants and Similar Amounts Paid$811,740
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$31,872,170
Other Salaries and Wages---$25,134,861
Office Expenses---$11,953,183
Advertising---$6,240,936
Fees for Services Other---$3,969,265
Interest---$3,629,768
Current Officers, Directors, Trustees, and Key Employees---$3,342,102
Other Employee Benefits---$2,598,128
Depreciation Depletion---$2,198,285
Payroll Taxes---$2,071,822
Occupancy---$1,572,941
Pension Plan Contributions---$1,097,752
Travel---$812,123
Grants to Domestic Orgs---$811,740
Fees for Services Legal---$392,075
Fees for Services Accounting---$238,917
Other Expenses---$185,227
Insurance---$64,374
Total Functional Expenses$0$0$0$106,128,097
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Relentless Care FoundationPlymouth, MI501(c)3General Support$419,810
CHILDREN'S MIRACLE NETWORKSalt Lake City, UT501(c)3General Support$75,000
Canton Community FoundationCanton, MI501(c)3Member Scholarships$45,116
First StepPlymouth, MI501(c)3General Support$25,500
Techtown DetroitDetroit, MI501(c)3General Support$25,000
Detroit Cristo ReyDetroit, MI501(c)3General Support$18,600
Michigan Credit Union FoundationPlymouth, MI501(c)3General Support$15,000
Crisis Text LineNew York, NY501(c)3General Support$12,500
A Stronger Financial MichiganPlymouth, MI501(c)6General Support$10,000
Elk Country Animal ShelterAtlanta, MI501(c)3General Support$10,000
Life RemodeledDetroit, MI501(c)3General Support$10,000
Northville Education FoundationNorthville, MI501(c)3General Support$5,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$3,268,571--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$1,312,537,398
Borrowings$56,134,228
Nonmember Deposits$52,274,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Each account holder is a member of the credit union.

Form 990, Part VI, Section A, Line 7A

The members of the credit union vote on board member changes and charter changes.

Form 990, Part VI, Section A, Line 7B

The members of the credit union vote on board member changes and charter changes

Form 990, Part VI, Section B, Line 11B

The manager/accounting, vp finance and accounting, and cfo reviews both form 990 and 990t prior to filing.

Form 990, Part VI, Section B, Line 12C

The organization's officers, directors, trustees, and key employees are required to annually disclose any actual or potential conflicts of interest they may have with the organization. Each signed policy statement is reviewed to determine if any conflicts exist and need to be brought to the attention of the board. If a conflict arises, the respective board member will abstain from any related discussion, vote, or similar action on the matter.

Form 990, Part VI, Section C, Line 19

The financial statements are posted in each branch office, updated monthly. The governing documents are not available to the public.

Filing and Contact Details

Filer

Filer Name
Community Financial Credit Union
EIN
38-1447620
Phone
7344531200
Address
500 S HARVEY ST, PLYMOUTH, MI 48170-8050

Signing Officer

Name
Scott Cameron
Title
Evp/CFO
Phone
7344531200
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tansley Stearns
Formed
2012
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
431
Volunteers
15

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

PART IV, LINE 2B:

The organization maintains members shares escorws and fhlbi and fnma investor escrows

PART X, LINE 2:

The credit union is exempt, under irc 501(c)(14), from most federal and state income taxes. The credit union has filed tax returns in the past for activities it has deemed taxable as unrelated business income. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2024. The credit union's 2021 through 2023 tax years are open for examination by federal and state taxing authorities.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE-CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF OF STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF IT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHIEF GROWTH OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt14CHIEF REVENUE AND LENDING (THRU 05.31.24)
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHIEF PEOPLE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHIEF EXPERIENCE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP OPERATIONS AND RISK
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP BUSINESS EXPERIENCE
IRS990/Form990PartVIISectionAGrp/TitleTxt19AVP CORE OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt20INVESTMENT REPRESENTATIVE
IRS990/Form990PartVIISectionAGrp/TitleTxt21SENIOR GENERAL COUNSEL
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IRS990ScheduleD/AgentTrusteeEtcInd00
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